My concern: A potential conflict of interest if Tyka herself should find the will somewhere in Prince's house (apparently she's the one with most access).What if it'd turn out she would not benefit from it ?

There are only a limited number of ways to avoid probate. A standard will isn't one of them. Now, if Prince created and signed a revocable living trust like MJ did, which is probate-free, that's an entirely different matter.

As close as Van Jones was - why didnt he initiate Prince to have a will in place?

The Associated Press: "There's an incredible amount of money to be made."

paolo said:

As close as Van Jones was - why didnt he initiate Prince to have a will in place?

He probably would have if he could have figured a way for Prince to cut him a million dollar check to do it.

funksterr said:

paolo said:

As close as Van Jones was - why didnt he initiate Prince to have a will in place?

He probably would have if he could have figured a way for Prince to cut him a million dollar check to do it.

What is your problem with Van Jones. He does not strike me as a freeloader or opportunist at all.

The man is seriously grieving and can´t hold back his tears on national TV.

Why the vitriol?

Some of you people are being so God damn disrespectful.

JustErin said:

Some of you people are being so God damn disrespectful.

Yup, its the Org... Im reminded of why I stopped visiting in the first place..

From another thread, I posted this:

.

One thing to keep in mind, Prince didn't believe in contracts and a will is a sort of contract. Also, Prince was deeply spiritual, worldly goods would not matter to him when he was no longer on this earth, therefore he may have felt it was not important afer he was gone what happened to those worldly goods. If you recall, in one interview when asked about what would happen to his music in the vault he said, "Oh someone may release them some day" (or something to that effect), as though, he really hadn't thought about it, he didn't worry about it, someone would do something with them one day if they want to. Prince was always focused on something higher, and worldly goods were just that [worldly goods - not something of great importance when you are going home]. I think Prince just wasn't interested in doing will, knew the laws of Minnesota, and knew that it really didn't matter to him what happened after he was gone because he would be in a place where such things have no meaning.

[Edited 4/27/16 4:57am]

endiadj said:

JudasLChrist said:

From TMZ:

[Edited 4/26/16 8:53am]

How does TMZ keep getting info before anyone else in the world? Who are these people?

They have insiders, they're dirty as hell but they get all the exclusive info.

prittypriss said:

From another thread, I posted this:

.

One thing to keep in mind, Prince didn't believe in contracts and a will is a sort of contract. Also, Prince was deeply spiritual, worldly goods would not matter to him when he was no longer on this earth, therefore he may have felt it was not important afer he was gone what happened to those worldly goods. If you recall, in one interview when asked about what would happen to his music in the vault he said, "Oh someone may release them some day" (or something to that effect), as though, he really hadn't thought about it, he didn't worry about it, someone would do something with them one day if they want to. Prince was always focused on something higher, and worldly goods were just that [worldly goods - not something of great importance when you are going home]. I think Prince just wasn't interested in doing will, knew the laws of Minnesota, and knew that it really didn't matter to him what happened after he was gone because he would be in a place where such things have no meaning.

[Edited 4/27/16 4:57am]

But P cared greatly for others,
I believe he would have wanted to provide for the people and organisations he cared about in life, after his death too, so doubt his spiritual beliefs had anything to do with the lack of a Will. Dude had ALWAYS been spiritual it didnt begin with Larry as some believe.

There is probably an old out of date one from 1985 gathering dust in some former lawyers file storage, but there will definitely have been a Will made.

Either that or he (like a few of us, never got around to it - which I sincerely doubt).

TMZ have been known to misquote. Firstly, they said the brother in-law- (?) said Prince hadn't slept in .... days. He announced in another news item that he was MISQUOTED.

.

We can't expect journalists to know exactly what the story is. I can't believe Prince would have been so neglectful as to take care of his legacy and what happens to everything. His lawyers would have just drafted something/ set up a Trust or whatever, for him to approve. But they would never have left that up in the open. If Prince (and I don't think he did) just ignored it, then it wouldn't have been very smart.

.

If Tyka knew Prince wanted a funeral with 'no drama' then there must have been a letter of wishes somewhere not just personal talk. This is just too big for there not to be legal documents for everything. I just think maybe she needs the Power of Attorney to conduct certain things on his behalf until the paperwork which takes months/years gets underway and into action.

.

As for eating whatever she was eating. Who cares what she was eating and why? Just what does that have to do with anything?

prittypriss said:

From another thread, I posted this:

.

One thing to keep in mind, Prince didn't believe in contracts and a will is a sort of contract. Also, Prince was deeply spiritual, worldly goods would not matter to him when he was no longer on this earth, therefore he may have felt it was not important afer he was gone what happened to those worldly goods. If you recall, in one interview when asked about what would happen to his music in the vault he said, "Oh someone may release them some day" (or something to that effect), as though, he really hadn't thought about it, he didn't worry about it, someone would do something with them one day if they want to. Prince was always focused on something higher, and worldly goods were just that [worldly goods - not something of great importance when you are going home]. I think Prince just wasn't interested in doing will, knew the laws of Minnesota, and knew that it really didn't matter to him what happened after he was gone because he would be in a place where such things have no meaning.

[Edited 4/27/16 4:57am]

yep. and he's also said many times he likes to stay in the NOW, believing it kept him young and happy to not focus on time, birthdays, bad news, gossip, etc.

BklynDiamond said:

[img:$uid]http://i.imgur.com/2eFquxV.png?2[/img:$uid]

Money Magazine: Why You Should Never Die Without A Will

04/27


When a prince dies, there are very strict rules that dictate what happens to his fortune, set in stone long ago by the institution of monarchy. But not in this case.

Following Prince’s death last Thursday, his sister has filed documents that state the music icon did not have a will. Prince, it appears, died “intestate.”

So what’s going to happen?

According to two estate lawyers, it’s likely to be a mess that will take years to sort out.

The fact that Prince died without official instructions on how to handle his estate is very unusual–even surprising, says Darren Wallace, an estate lawyer at Day Pitney, LLP, a Connecticut law firm.

“With the amount of control he exercised throughout his life with respect to his contractual arrangements and protection his music and his image and his name change—clearly he understood a lot of these issues.”

A lesson, from Prince to you

If there’s one thing to learn here, it’s that everyone should have a will, and it’s never too early to make one. “I think everybody, regardless of the size of your estate, should have a will or at least a basic estate plan, so you can have some kind of control over what’s going on,” says Joseph K. Jones, an estate attorney based in New York. And if you don’t care about your own wishes, you might care that your survivors aren’t saddled with a mess.

“Anybody should have a will because it reduces the potential for controversy if your wishes are clearly set out,” says Wallace. “The process can be very straightforward, and it’s also important to note that those who are intimidated by the process, the timing or the mortality issues, you can even do something basic, just to have something in place and revisit it later. You can change your will as many times as you want.”

Even a simple will is better than nothing

At the very least, write down a basic outline of what you would want to happen to your assets in the event of your death. Wills don’t necessarily need to be notarized, but most states need the will to have two witnesses for it to be valid, and in the event of a death they may be called on to verify the document. If you don’t know if your witnesses will be around to validate it, you can have your will notarized.

Another option: Make something called a “holographic will,” which is simply a will in the testator’s handwriting. In many cases, these wills do not even need a witness. For all of these cases, however, it is important to check the rules in your state, or better yet—employ a professional who can codify your intensions better than any DIY option. If your wishes are simple, the cost could be just a few hundred dollars.

Here’s what’s likely to happen to Prince’s stuff

In absence of a will, spouse, or dauphin—Prince was royalty, after all—it’s up to Minnesota probate court to decide what happens, in this case by appointing a “special administrator” to oversee the estate, which is something that happens even if you have non-Prince money.

“Not having a will would mean a major impact for who would be in control of the assets, and it would also impact who receives the assets,” says Wallace.

“So if Prince did not have a will, the property would pass to his siblings.” (Interestingly, both Wallace and Jones speak in the conditional when referring to the absence of a will, because there’s always a good chance that one will appear—and be contested.)

This is likely why his sister filed to open probate, which starts the process of divvying things up. In her filing, she aims to become the administrator of the estate and named herself and half-siblings as beneficiaries. For the will-less death of someone who’s not a fabulously wealthy pop star, the process would be the same—everyone goes through probate, and the same rules get honored. In a scenario without a will (and sans surprises), assets go to the closest relatives.

In Prince’s case, the assets here are probably huge—$300 million perhaps—potentially including property, music, unreleased music, and control of image and other intellectual property. “[They] would all be within the control of the person appointed by the court to have power to gather the assets, value them, pay taxes, and distribute them to the beneficiaries,” says Wallace.

Part 2:

The scope of the probate court may be limited

But it’s a lot more complicated than just that. According to Wallace, not everything is within the reaches of the court.

“Not all of your assets pass through your last will and testament,” says Jones. “Your last will and testament deals with passing of assets that aren’t otherwise passing through another method, such as a contract or by operation of law.”

In other words, trusts, contracts, and operations like co-ownership of something supersede directives in a will. “If he had a bank account with a ‘paid on death beneficiary,’ then it would automatically go to [them] regardless of what the intestacy rules say,” says Jones. Similarly, if he had business contracts with the record company, they would decide—which may be the case given that artists frequently have contracts with record companies that include provisions for death.

The lack of a will might not matter that much

All of these legal instruments that go beyond the purview of a will or probate court could have significant impact on what happens to Prince’s estate.

“Just like it’s unusual for someone like Prince to not have a will, it’d also be unusual for them not to have an irrevocable trust,” says Wallace. “So it’s possible that even if the media is chomping at the bit at this news that Prince may not have had a will, it may be that other steps were taken to move this out of his estate during his lifetime.” This, Wallace says, would mean that the lack of a will wouldn’t have nearly the large and messy consequences that some high-profile deaths have seen.

“It’s also likely some portion some of his assets were structured through a corporate entity,” says Wallace, “There may be folks that are named as corporate officers or LLC managers that control the disposition of the music or unreleased tracks. So it’s very much to early to tell where this is going to shake out.”

It could still get ugly, of course

“If in fact Prince died with a mess, with wishes not clearly set out, it drives the potential for controversy way up,” says Wallace. “Now anyone who has an interest could assert certain rights to the property, starting with his sister.” As Jones puts it, “you open the door for more people to have a right to your estate by not having a will.” People stepping into the ring for a taste could be business partners, other family members, or others who Prince worked with who want to protect his legacy or profit, says Wallace.

There’s also the possibility that there’s…secret family. “I would be curious as to whether any undisclosed children pop up,” says Jones. “Or anybody coming forth—mistresses with agreements saying, ‘he promised to support me and here’s a written document.'” Actual wills could even make their appearance at probate court, potentially handwritten or ancient. “If a will is 30 years old and you don’t update it, it’s still a good will,” says Jones.

According to Wallace, a secret child would jump the inheritance line. “So it’s not completely unreasonable that somebody would assert that they were Prince’s child.”

Jones even raised another possibility: that Prince may not have much of an estate at all. “You’d be amazed how many people who are rich and famous aren’t really rich because they owe as much or more as they actually own.”

The mess could trickle past familial strife, too. As E! News notes, Prince gave heavily to charity, and for his legacy in death to reflect how he lived, his beneficiaries will have to be generous—for which there is no guarantee without a valid will.

So when are we going to see the Prince dust settled? “An easy estate for most people only takes 9 months to a year to close—if there isn’t anything too complicated,” says Jones. “Something like this is going to take years.”



Link

http://www.tmz.com/2016/0...adid=hero1

Prince: No Will to Make a Will ... Finances in Chaos

Prince was a disaster when it came to finances and his business affairs, and many of the people who worked with him say ignoring their advice to make a will is just a small piece of a chaotic puzzle.

We're told in the 5 years leading up to Prince's death, it was virtually impossible to get his signature on any legal document. Sources who worked with Prince tell us, he felt "screwed over" by people who had him sign deals in his younger years, and that made him "paranoid" to sign anything.

Prince was so distrusting ... he jumped from lawyer to lawyer almost every year, and sometimes more often. One professional who worked with the singer tells us, Prince called him out of the blue one day and said he wanted to hire him. The professional asked Prince for his business files, and the answer was, "I don't know, they're out there somewhere." The professional never got the files.

We're told although Prince hired and fired a slew of professionals, his most trusted advisers were "beautiful, 20-something women, all models with no experience in anything." It caused chaos in his life ... especially in the financial department.

We broke the story, Prince's sister, Tyka, filed legal docs Tuesday stating there was no evidence of a will.

I can't help thinking that there's the likelihood of one of his endless previous lawyers having a copy of a will stuffed and forgotten in an old, rusty file cabinet something out there. What a headache.

Judge confirms there is no will. His assets will be distributed among his siblings. Omarr Baker (his maternal half-brother) appeared in court this morning.

http://www.tmz.com/2016/0...ill-judge/

[Edited 4/27/16 11:33am]

lavie said:

Judge confirms there is no will. His assets will be distributed among his siblings. Omarr Baker (his maternal half-brother) appeared in court this morning.

http://www.tmz.com/2016/0...ill-judge/

[Edited 4/27/16 11:33am]

gone be a hot ass mess if all thes siblings come out the woodwork

Good Lord Almighty! What I've learned from this debacle is that absolutely no one should die without an estate plan.

Identity said:

Good Lord Almighty! What I've learned from this debacle is that absolutely no one should die without an estate plan.

indeed

I still can't figure out why I called Norrine, "Vivian" on the other thread?

Identity said:

Good Lord Almighty! What I've learned from this debacle is that absolutely no one should die without an estate plan.

Good point....we should probably be making sure that we have our own affairs in order.

lavie said:

Judge confirms there is no will. His assets will be distributed among his siblings. Omarr Baker (his maternal half-brother) appeared in court this morning.

http://www.tmz.com/2016/0...ill-judge/

[Edited 4/27/16 11:33am]

A bit misleading, the judge agreed with the sister saying there isn't one in order to appoint a trustee. That does not mean there really isn't one.

Might be suprised once you go into the vault or a safe deposit box.

GirlBrother said:

txladykat said:

I am sooo hoping there is a Trust..at least that way he gets to decide what happens to everything, such as releasing the gems in the vault....but I have many wealthy clients who don't have a trust or even a Will...and many of them are attorneys! Go figure. My first lecture to all new clients is SET UP A TRUST, especially if you own a business because you need to protect the interest of the business from personal/individual lawsuits...that is also why I am leaning toward the existence of a Trust.

I've been researching Minnesotan law like a mofo, for thirty minutes. If all his assets are in trusts, that renders the existence (or non-existence) of a will, null & void, doesn't it? Also, you can't contest a named trust, like you could with a regular will, can you?

You are correct

babynoz said:

txladykat said:

I am sooo hoping there is a Trust..at least that way he gets to decide what happens to everything, such as releasing the gems in the vault....but I have many wealthy clients who don't have a trust or even a Will...and many of them are attorneys! Go figure. My first lecture to all new clients is SET UP A TRUST, especially if you own a business because you need to protect the interest of the business from personal/individual lawsuits...that is also why I am leaning toward the existence of a Trust.

Good to see ya...wish it wasn't under these circumstances.

Thanks!

I mostly lurk these days. Funny story is hubby and I were in the process of redesigning our music room...of course in P fashion, purple with lots of memorabelia, now I feel the urgency to get it finished much quicker.

Identity said:

trc1 said:

His attorney hasn't spoken yet. Besides his belongings will go to next of kin. It's a gonna be hard for Tyka. But my opinion is she'll be OK. Just takes time.

I wonder if she instructed the staff to give away all those purple hat boxes packed with old and new goodies? Right on.


[img:$uid]http://i.imgur.com/AqI8XvU.jpg[/img:$uid]



[img:$uid]http://i.imgur.com/r80P6bT.jpg[/img:$uid]

Been wondering what to do with the hat boxes I already have...they just don't fit in with all the other purple in the room

A Carver County judge has appointed a special administrator to manage the estate of singer Prince, according to documents filed Wednesday from Judge Kevin W. Eide.

Bremer Trust, National Association was appointed to oversee and settle the estate of the superstar, who died April 21 at the age of 57.

On Tuesday Prince's sister, Tyka Nelson, filed a request for a special administrator to be appointed. In her paperwork, she mentioned that "Bremer Bank, National Association, has provided financial services to the Decedent for a number of years and has knowledge of his personal financial and business financial affairs."

Related: Prince's album sales surge 16,000% following singer's death

"Its affiliate, Bremer Trust, National Association, is in the best position of any corporate trust company to protect the Decedent's assets pending the appointment of a Personal Representative," her paperwork stated.

Wednesday's documents also say that in becoming special administrator, Bremer Trust, National Association, now has the authority to manage Prince's assets and to determine Prince's heirs.

Tyka Nelson's request of the court also included the information that -- to the best of her knowledge -- the singer did not have a will. The music legend, born Prince Rogers Nelson, left behind an estimated $300 million estate with no parents, children or spouses to be declared his heirs.

The documents filed Wednesday also state that the singer died without leaving a will.

A hearing has been set for May 2 regarding the appointment.